The banking sector embraces the entire society and offers a neat, clean, peaceful, and dignified work atmosphere & lifestyle. A Job in the banking sector mean as much work with people as with figures. A bank officer is in direct contact with people from across all sections of the society. By his/her efficiency and sincerity, one can win their respect and friendship. Banks being effective catalysts of change, mobilizing the savings of the country's public, they can function as instruments for promoting economic and social development in a purposive manner. In our developing economy banks occupy an undisputed position of importance. By keeping in touch with the needs of the economy banks have diversified their activities into varied areas in the personal banking sector such as housing finance, leasing, and hire purchasing.
The nationalized commercial banks recruit officers through the nine Banking Service Recruitment Boards and the Central Recruitment Board. Officers selected are placed in the different branches of the banks in a particular zone of the country and these banks have some overseas branches to which, the officers may also be posted. Officers are recruited and sent directly to the staff training colleges for initial training, which is followed by on-the-job training in the various departments of the banks. Prospects of promotion are good as there is constant expansion going on as the service conditions ensure a secure and comfortable lifestyle. In the senior executive capacity, the transfers are on an all India basis. The regional rural banks place their officers in one particular state and movement is limited to that state.
Foreign banks and private banks mostly operate through branches in the metropolitan cities. Promotions are linked to a highly motivated, result-oriented and dynamic approach.
As part of the banking system in the country are the nationalized commercial banks, private banks, regional rural banks and foreign banks. Of these, the foreign banks and the private banks are concentrated mainly in the metropolitan cities and are still doing class banking rather than mass banking. Regional rural banks (RRBs) are low profile banks set up in 1975 principally to assist the rural masses at their doorsteps. The rapid growth of the banking system, its continuing growth prospects arid its tremendous reach-all these factors add up to make banking a growth-oriented profession.
The nationalized commercial banks and the regional banks induct officers through a written examination followed by interviews of successful candidates. The written examination is both objective and descriptive in nature. The objective sections evaluate working knowledge of the English language, quantitative aptitude test, general awareness, reasoning and logical deduction. The descriptive test is an assessment of the power of expression of a candidate in English/Hindi related to a short composition or analysis of given situations. The interview is an exercise in evaluation of the personality of candidates through questions on their personal bio-data and current national and, international events, general knowledge, etc. Foreign banks pick up their personnel from campus interviews held in the premier management institutes; from among finance professionals such as CAs and CFAs; and also from the fold of experienced personnel of the apex financial institutions.
Private Banks have entered the banking industry recently and generally take in experienced personnel from the banking sector.
Since independence the Government of India has been setting up specialized institutions in order to develop the financial structure of the country on sound lines consistent with the national socio-economic objectives and policies. Foremost among the apex financial institutions, the Reserve Bank of India (RBI) was established on 1 April 1935 and nationalized on 1 January 1949.
Within a short span, 'RBI emerged as a strong innovator. Instead of merely remaining a bystander and controller of money, RBI has deliberately influenced the country's economic system, social fabric, financial structure and political thinking.
The most valuable contribution of RBI has been in the sphere of financial infrastructure. Some of the major financial institutions today are the offshoots of the RBI. Examples are the IDBI (Industrial Development Bank of India) which is the principal financial institution for providing credit and other facilities for development of industry; UTI (Unit Trust of India) mobilizes the savings of the community; NHB (National Housing Bank) is actively involved in the development of housing finance in the country; NABARD (National Bank for Agriculture and Rural Development) has been established with a view to promoting integrated rural development and securing prosperity for rural areas.
Other apex financial institutions in the country include SEBI (Securities Exchange Board of India), Exim Bank (Export-Import Bank of India), SIDBI (Small Industries Development Bank of India) and ICICI (Industrial Credit and Investment Corporation of India Limited).
The apex financial institutions have probably one of the highest, potential of manpower in the country and offer bright career prospects to people from different disciplines in their various specialized departments. The officers in the apex financial institutions may be posted anywhere in India-usually metropolitan cities and capitals of states. High remunerations with generous perquisites and residential accommodation in prize localities are among the many facilities provided by these organizations. The prospects of promotion are bright and after five to seven years of experience these officers are much sought after by foreign banks and financial companies.
The apex financial institutions have a more or less uniform pattern of selection to their management cadre. They induct officers at two levels: Grade A and Grade B. In the general cadre they take candidates with graduate/postgraduate qualifications in any discipline along with work experience in the officer cadre of a commercial bank. In their specialized cadre they take in MBAs, CAs, CFAs, and postgraduates in economics/statistics. Selection to the general as well as specialized cadres is through all-India written examinations, which are highly competitive. The written examinations are followed by interviews of successful candidates by the respective services boards.
After selection, candidates are required to undergo in-house specialized training in the staff colleges of the respective institutions. The training period ranges from one month to three months followed by seven to eight months of on-the-job departmental training. Once a person is posted to a specific department these institutions provide specialized (focused) training from time to time in India and abroad. Officers, thus, have tremendous scope for upgrading their professional skills and knowledge.
In the overall analysis, banking offers great scope for initiative and public service. Direct contact with people in the discharge of their duties helps bankers to keep their fingers on the pulse of the public. By their sincerity and efficiency they are able to win respect and standing in society.
The nationalized commercial banks recruit officers through the nine Banking Service Recruitment Boards and the Central Recruitment Board. Officers selected are placed in the different branches of the banks in a particular zone of the country and these banks have some overseas branches to which, the officers may also be posted. Officers are recruited and sent directly to the staff training colleges for initial training, which is followed by on-the-job training in the various departments of the banks. Prospects of promotion are good as there is constant expansion going on as the service conditions ensure a secure and comfortable lifestyle. In the senior executive capacity, the transfers are on an all India basis. The regional rural banks place their officers in one particular state and movement is limited to that state.
Foreign banks and private banks mostly operate through branches in the metropolitan cities. Promotions are linked to a highly motivated, result-oriented and dynamic approach.
As part of the banking system in the country are the nationalized commercial banks, private banks, regional rural banks and foreign banks. Of these, the foreign banks and the private banks are concentrated mainly in the metropolitan cities and are still doing class banking rather than mass banking. Regional rural banks (RRBs) are low profile banks set up in 1975 principally to assist the rural masses at their doorsteps. The rapid growth of the banking system, its continuing growth prospects arid its tremendous reach-all these factors add up to make banking a growth-oriented profession.
The nationalized commercial banks and the regional banks induct officers through a written examination followed by interviews of successful candidates. The written examination is both objective and descriptive in nature. The objective sections evaluate working knowledge of the English language, quantitative aptitude test, general awareness, reasoning and logical deduction. The descriptive test is an assessment of the power of expression of a candidate in English/Hindi related to a short composition or analysis of given situations. The interview is an exercise in evaluation of the personality of candidates through questions on their personal bio-data and current national and, international events, general knowledge, etc. Foreign banks pick up their personnel from campus interviews held in the premier management institutes; from among finance professionals such as CAs and CFAs; and also from the fold of experienced personnel of the apex financial institutions.
Private Banks have entered the banking industry recently and generally take in experienced personnel from the banking sector.
Since independence the Government of India has been setting up specialized institutions in order to develop the financial structure of the country on sound lines consistent with the national socio-economic objectives and policies. Foremost among the apex financial institutions, the Reserve Bank of India (RBI) was established on 1 April 1935 and nationalized on 1 January 1949.
Within a short span, 'RBI emerged as a strong innovator. Instead of merely remaining a bystander and controller of money, RBI has deliberately influenced the country's economic system, social fabric, financial structure and political thinking.
The most valuable contribution of RBI has been in the sphere of financial infrastructure. Some of the major financial institutions today are the offshoots of the RBI. Examples are the IDBI (Industrial Development Bank of India) which is the principal financial institution for providing credit and other facilities for development of industry; UTI (Unit Trust of India) mobilizes the savings of the community; NHB (National Housing Bank) is actively involved in the development of housing finance in the country; NABARD (National Bank for Agriculture and Rural Development) has been established with a view to promoting integrated rural development and securing prosperity for rural areas.
Other apex financial institutions in the country include SEBI (Securities Exchange Board of India), Exim Bank (Export-Import Bank of India), SIDBI (Small Industries Development Bank of India) and ICICI (Industrial Credit and Investment Corporation of India Limited).
The apex financial institutions have probably one of the highest, potential of manpower in the country and offer bright career prospects to people from different disciplines in their various specialized departments. The officers in the apex financial institutions may be posted anywhere in India-usually metropolitan cities and capitals of states. High remunerations with generous perquisites and residential accommodation in prize localities are among the many facilities provided by these organizations. The prospects of promotion are bright and after five to seven years of experience these officers are much sought after by foreign banks and financial companies.
The apex financial institutions have a more or less uniform pattern of selection to their management cadre. They induct officers at two levels: Grade A and Grade B. In the general cadre they take candidates with graduate/postgraduate qualifications in any discipline along with work experience in the officer cadre of a commercial bank. In their specialized cadre they take in MBAs, CAs, CFAs, and postgraduates in economics/statistics. Selection to the general as well as specialized cadres is through all-India written examinations, which are highly competitive. The written examinations are followed by interviews of successful candidates by the respective services boards.
After selection, candidates are required to undergo in-house specialized training in the staff colleges of the respective institutions. The training period ranges from one month to three months followed by seven to eight months of on-the-job departmental training. Once a person is posted to a specific department these institutions provide specialized (focused) training from time to time in India and abroad. Officers, thus, have tremendous scope for upgrading their professional skills and knowledge.
In the overall analysis, banking offers great scope for initiative and public service. Direct contact with people in the discharge of their duties helps bankers to keep their fingers on the pulse of the public. By their sincerity and efficiency they are able to win respect and standing in society.
